Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $107,204
- Funds due
- $117,717
- Interest + MI left
- $148,678
- First ends
- May 2051
Assumption
Assumption + second
$2,385/mo
+$547/mo- Down payment
- $39,204
- Funds due
- $50,984
- Interest + MI left
- $277,649
- First ends
- May 2051
New loan
New conventional
$2,779/mo
+$941/mo- Down payment
- $39,204
- Funds due
- $47,574
- Interest + MI left
- $535,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,796 | $284,796 | $352,796 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,341.19 | $1,341.19 | $2,442.69 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $230.91 | $230.91 | $70.56 |
| Taxes, insurance & HOA | $265.34 | $265.34 | $265.34 |
| Total housing payment | $1,837.44 | $2,384.58 | $2,778.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,204
Closing costs & prepaids$11,780
Usable credit−$0
Total buyer cash needed$50,984
Earnest money paid−$0
Remaining funds due$50,984
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,920.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$293.00
Initial HOA (3 months)$53.01
Prepaid interest, first (1 days)$21.93
Prepaid interest, second (1 days)$16.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 6 moOf the original 30-year loan at 2.810%
Interest already paid$47,328Through Nov 2026
Assumption only · ends May 2051$148,678
Assumption + second · ends May 2051, second Dec 2056$277,649
New conventional · ends Dec 2056$535,039